Tuesday, 19 June 2018

DioBLOG

Yes, the CRA can seize your RRSP and wipe out your retirment savings

RRSPs are the backbone of retirement planning strategies. The self-employed and small business owners, who don't have the benefit of employer pension plans, have little else to fund their sunset years.

If you owe tax, these retirement savings are vulnerable to the long and grasping arm of the Canada Revenue Agency. And don't think it doesn't happen. This year, more than ever before in the DioGuardi experience, clients are coming for help after the CRA has already seized funds from their RRSP accounts. One client reported that, in addition to grabbing his RRSP at a major bank, the CRA called the issuer of his whole life policies to discover if any money in the policy was invested in a RRIF. (Fortunately, in this case, the answer was no, and the cash value of the policy was protected from CRA.)

The Full Story...

The Panama Papers Part Two : Will the CRA prosecute offshore account holders?

The fallout from the Panama Papers continues to cast ever widening ripples across the Canadian financial community. The Canada Revenue Agency has disclosed that it had independently started 40 audits related to clients of Panamanian law firm Mossack Fonseca before the Panama Papers.  On May 9, 2016, RBC acceeded to demands from the Canada Revenue Agency and provided the files of its Panama Papers clients. Other banks may soon be forced to follow suit. 

Taxpayers across Canada are calling on the federal goverment to end what is widely perceived as special tax treatment for the powerful and wealthy who can afford to hire armies of professionals to create "legal" structures to shelter their money from the greedy grasp of the Taxman, while the rest of us foot the bill for the costs of maintaining the infrastrcuture that makes Canada one of the most desirable places to live in the world. 

Where does it go from here? Will the Canada Revenue Agency audit and prosecute the people on the Panama Papers list? Will the federal government close the tax loopholes that condone what is now considered legal tax avoidance? Will the rich and politically influential ever pay their fair share of tax?

The Full Story...

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Words to live by?

 

 

Income tax returns are the most imaginative fiction being written today.

Comment posted on CBC.ca Business News page April 30, 2012 - TAXFILING DAY

http://www.cbc.ca/news/business/taxseason/story/2012/04/24/f-taxseason-tax-evasion-penalties.html

34 likes. 14 dislikes. The likes have it.